Medigap Insurance Policies: Medigap insurance is offered by private insurance companies, not the government. It is not the same as Medicare or Medicaid. These policies are designed to pay for some of the costs that Medicare does not cover.

 

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Medigap Insurance Policies: Medigap insurance is offered by private insurance companies, not the government. It is not the same as Medicare or Medicaid. These policies are designed to pay for some of the costs that Med . . . View Full Definition

Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.

Multiperil Policies: Many insurance companies offer multiperil policies for apartment and commercial buildings. Such a policy offers the property manager an insurance package that includes standard types of comm . . . View Full Definition

Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death.

Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment.

Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. Th . . . View Full Definition

Multiple Peril Insurance: Insurance policy that covers a wide variety of property damage.

Municipal Bond Insurance: An insurance policy that guarantees payment on municipal bonds in the event the issuer defaults.

Owners Title Insurance: An insurance policy protecting the buyer for the amount of the purchase price in the event of a future title dispute.